Happy Friday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.
Todays Big Deal: Congresss nonpartisan scorekeepers are at the center of the fight over President BidenJoe BidenBiden and China’s Xi to hold virtual summit Monday: reportsBriahna Joy Gray: Biden ‘playing the fool’ with student debt cancelationDefense & National Security Biden marks Veterans DayMOREs economic agenda. Well also look at pressure from Biden to pass government funding bills and why more Americans are quitting their jobs than ever.
But first, White House press secretary Jen PsakiJen PsakiThanksgiving disaster on the horizonAide who traveled with Biden to Europe tests positive for COVID-19: reports The Hill’s Morning Report – Presented by ExxonMobil – Political earthquake rocks Virginia; New Jersey too close to callMORE has some strong words for Aaron Rodgers.
Lets get to it.
Scoring agency at center of latest clash
Pressure is mounting on the chief agency tasked with scoring the budgetary impact of legislation as the Congressional Budget Office (CBO) crunches the numbers for a sweeping $1.75 trillion social spending and climate package that Democrats are working quickly to pass.
Keith Hall, who served as the director of the CBO from April 2015 to May 2019, tells us the agencys work capacity is likely at its peak load as they sift through the more than 2,100 pages of legislative text that comprise President Bidens Build Back Better Act
Five House moderates said last week that they plan to vote on the bill in the days ahead if the information released by the CBO is consistent with White House data provided to members on the top lines for revenues and investments for the legislation.
No Republicans will back the bill, which means Democrats can afford just three defections from their side in the House for passage.
Aris has more here.
LEADING THE DAY
Number of Americans quitting their jobs reaches record high
The number and percentage of U.S. workers voluntarily leaving their jobs reached an all-time high in September, according to data released Friday by the Labor Department.
Roughly 4.4 million U.S. workers quit their jobs in September and the “quits rate” rose to 3 percent, according to the latest edition of the Job Openings and Labor Turnover (JOLTS) survey, each a new record. The number of job openings stayed roughly even in August at 10.4 million.
- The surge in American workers voluntarily leaving their jobs is the latest sign of growing worker power in the recovering labor market.
- Both the percentage and number of working-age adults in the labor force are still well below pre-pandemic levels, giving those currently seeking jobs greater leverage and opportunities.
- Quits are up the most in sectors where most work is in-person or relatively low paying, said Nick Bunker, economic research director at Indeed.
Sylvan has more about the data here.
White House puts pressure on Congress to pass funding bills
The White House is putting some heat on Congress to strike a deal on the annual government funding bills as negotiations across the aisle have failed to make much headway in recent months.
The Office of Budget and Management (OMB) said in a fact sheet sent out on Friday that Congress must reach a bipartisan, bicameral agreement on full-year appropriations bills for fiscal 2022 in the weeks ahead.
The bills, the office said, will be crucial in addressing the nations critical needs, including funding to improve readiness for future public health crises, bolster defense readiness and modernization, provide overdue investments in election infrastructure, support kids in high-poverty schools and ensure access to student loans and student aid.
Read more here from Aris about the state of play on appropriations.
Good to Know
Soaring inflation is shaking up negotiations on Capitol Hill over President Bidens Build Back Better agenda, giving Sen. Joe Manchin (D-W.Va.) and other centrists more leverage to push for a smaller reconciliation package.
Heres what else have our eye on:
- Democrats $1.75 trillion social spending package could cut taxes for most millionaires, according to an analysis from the Tax Policy Center released Thursday.
- Republicans are looking at surging inflation as a winning issue as the party molds its attack lines against President Biden and down-ballot Democrats ahead of the midterms.
- A SpaceX mission with four astronauts docked at the International Space Station on Thursday evening.
- The Bipartisan Policy Center hosts a webinar discussion with CBO Director Phill Swagel entitled “The U.S. Legislative Landscape: Implications for the American Economy at 2 p.m.
- Small Business Administrator Isabella Casillas Guzman testifies before the House Small Business Committee at 10 a.m.
- The House Financial Services Committee holds a markup of pending legislation at 10 a.m.
- The Senate Finance Committee holds a confirmation hearing on the nominations of Maria Lago to be Under Secretary of Commerce for International Trade, and Lisa Wang to be an Assistant Secretary of Commerce at 10:15 a.m.
- A House Ways and Means subcommittee holds a hearing on improving U.S.-Africa trade and investment ties at 11 a.m.
- The Joint Economic Committee holds a hearing entitled Demystifying Crypto: Digital Assets and the Role of Government at 2:30 p.m.
The Senate Banking and Housing Committee holds a confirmation hearing to consider the nomination of Saule Omarova to be Comptroller of the Currency at 9:30 a.m.
Thats it for today. Thanks for reading and check out The Hills Finance page for the latest news and coverage. Well see you Monday.